American Century Companies Inc. Has $3.60 Million Position in First Internet Bancorp $INBK

Key Points

• American Century Companies Inc. increased its stake in First Internet Bancorp by 17.2%, now owning 134,335 shares valued at approximately $3.6 million.
• Wall Street analysts have downgraded First Internet Bancorp, with a consensus rating of "Hold" and a target price of $27.33.
• First Internet Bancorp reported $0.02 EPS for the last quarter, significantly missing the estimated $0.33 EPS, although its revenue beat expectations at $33.55 million.

American Century Companies Inc. increased its holdings in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) by 17.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 134,335 shares of the bank's stock after buying an additional 19,730 shares during the period. American Century Companies Inc. owned 1.54% of First Internet Bancorp worth $3,597,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Heartland Advisors Inc. increased its stake in First Internet Bancorp by 20.2% in the first quarter. Heartland Advisors Inc. now owns 240,400 shares of the bank's stock valued at $6,438,000 after purchasing an additional 40,400 shares in the last quarter. Nuveen LLC bought a new stake in First Internet Bancorp in the first quarter valued at approximately $725,000. Foundry Partners LLC increased its stake in First Internet Bancorp by 10.0% in the first quarter. Foundry Partners LLC now owns 149,361 shares of the bank's stock valued at $4,000,000 after purchasing an additional 13,527 shares in the last quarter. Sowell Financial Services LLC bought a new stake in First Internet Bancorp in the first quarter valued at approximately $267,000. Finally, Dimensional Fund Advisors LP increased its stake in First Internet Bancorp by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 509,661 shares of the bank's stock valued at $18,343,000 after purchasing an additional 9,190 shares in the last quarter. 65.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on INBK. Piper Sandler reduced their price target on shares of First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating for the company in a report on Monday, July 28th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $27.00 price target (down previously from $30.00) on shares of First Internet Bancorp in a report on Monday, July 28th. Wall Street Zen cut shares of First Internet Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Finally, Hovde Group reduced their price target on shares of First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating for the company in a report on Monday, July 28th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $27.33.

First Internet Bancorp Stock Down 1.9%

INBK traded down $0.48 during trading hours on Friday, hitting $24.43. 15,785 shares of the company's stock were exchanged, compared to its average volume of 36,126. First Internet Bancorp has a 1-year low of $19.54 and a 1-year high of $43.26. The stock's 50-day moving average is $24.98 and its two-hundred day moving average is $25.11. The stock has a market cap of $212.79 million, a price-to-earnings ratio of 13.88 and a beta of 0.80. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.95.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $0.02 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.31). First Internet Bancorp had a return on equity of 3.03% and a net margin of 4.36%.The business had revenue of $33.55 million for the quarter, compared to analyst estimates of $30.08 million. Sell-side analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $0.06 per share. The ex-dividend date was Monday, June 30th. This represents a $0.24 annualized dividend and a yield of 1.0%. First Internet Bancorp's dividend payout ratio is presently 13.64%.

About First Internet Bancorp

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.